Electronic payment refers to capital circulation and payment within a computer network system in form of electronic data storage and transmission via the media of commercial electronic tools and various electronic currencies by means of computer and communication technology.
In the recent years, with the integration of technologies such as Internet, mobile communication, computer and the like, mobile electronic commerce, with mobile payment as a representative, has come into being. The mobile payment, as a new way of the electronic payment, has many advantages such as available at anytime and anywhere, convenient and fast, low in cost and the like. A consumer, as long as having a mobile phone, can implement financing or transaction and enjoy the convenience brought by the mobile payment. Nowadays, mobile phone payment is becoming a new highlight of the electronic commerce.
Additionally, a recent survey shows that, 82% of the participants fear that, if their mobile phones are lost or stolen, the information stored in their mobile phones (including smart cards) will be used to carry out a fraud. At the same time, 90% of the participants fear that their own personal data and financial data stored in lost mobile phones would be embezzled. Additionally, 72% of the persons admit that the information stored in their mobile phones is very important and difficult to be replaced. Because the users use the mobile phones to take part in various activities, such as the electronic payment and the like, it is really a disaster for the users if their mobile phones are lost. In this survey, 91% of the participants said that, losing the mobile phones for the electronic payment would cause severe losses for them. At the same time, as people increasingly depend on the mobile phone, operators must make their users feel safe. It is good to use the mobile phones more widely, but mobile operators must enhance the security of their user's personal data information and management level to rip the evil in the bud. Currently, some solutions have been raised for processes after the mobile phones for the electronic payment are lost or stolen. However, these solutions have some disadvantages, for example, the system may differ from the current payment process greatly, and thus great changes are required, or due to insufficient security of the system, a user's payment information may still be used illegally by others to make a false payment. Or, if the system does not handle the lost mobile phones timely, it will result in a user's huge loss, thus making the user feel unsafe. At present, there is no effective solution that has yet been proposed.